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Kobe Steel may take part of stake in Vietnamese iron ore project
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Vietnam National Coal and Minerals Industries Group (Vinacomin), the largest stakeholder of the Thach Khe Iron Joint Stock Company (TIC) just informed the prime minister that it planned to sell part of stakes in TIC or establish a joint venture with Kobe Steel.
In the initial stage, Kobe Steel may acquire 3% or 9% stakes of TIC in accordance with TIC’s restructuring plan. Meanwhile, Vinacomin and Kobe Steel will negotiate to set up a joint venture.
Once the restructuring plan is approved by the prime minister, Kobe Steel may take part in TIC and Vinacomin intends to take 51% stake in TIC.
It’s estimated Thach Khe deposit owned iron ore reserves of around 500 million~600 million tons. Among them, at least 300 million tons is thought to be commercially exploitable.
News Date
7/10/2012 8:34:33 AM
reported by
Frio Chou
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